Especially when those 2nd, 3rd, + properties are being used as passive short term rentals. Observing the state of the housing situation “Hmm there aren’t enough homes for normal families to each have a chance, I should turn this extra property of mine into a vacation rental.” does this make said person a POS?
Housing is unaffordable because someone has to pay the construction.
Check out this breakdown of a fairly low-end cost estimate: https://www.bankrate.com/real-estate/cost-to-build-house/#financing
Excluding land, you’re looking at about 135k USD. Land, whatever. Labor estimate is 30-50% according to the article, so let’s say around 190k (using ~40% and some rounding).
And that gives you a bare-bone structure without a lick of paint, furniture, carpets, curtains or any other interior (and exterior) decoration.
So even if you do everything by yourself on a gifted piece of land, I hope you can somehow understand that there are people out there who simply don’t have and/or qualify for a loan of >130k USD.
TL;DR: Rent collectors are
literallyfar from the only reason housing is unaffordable to so many right now.Love how ya just skipped right over the whole part where there’s more empty units than there are unhoused people to fill them.
You literally just completely ignored the actual substance of what the landlords are doing that makes housing unattainable in an oversupplied market.
Building entirely new houses is a luxury for people who’ve lucked out big, we’re talking about the supply of housing that already exists, which in numbers alone, should be providing an all time low of prices adjusted for inflation.
The “shortage” is an invented crisis to not acknowledge that we’d have no problems if we took a closer look at how much those landlord parasites actually need that fifth unit they also don’t live in.